Codere Online has delivered its highest annual revenue since launch in 2025.  Mexico continued to set the pace, while Spain added steady support.

• Codere Online net gaming revenue increased 6% year-on-year to EUR 224.1m, up from EUR 212m in 2024. Adjusted EBITDA came in at EUR 13.8m, compared with EUR 6.4m the year before, reflecting stronger operating results.

• Mexico topped with net gaming revenue growing by 12% to EUR 119.1m in 2025, while average monthly active players climbed 38% to 88,700 (2024: 64,400).
• CEO Aviv Sher said the fourth quarter was a milestone, noting that quarterly net gaming revenue reached EUR 60.7m, the highest in the company’s history.

• Group-wide, average monthly active players increased 13% to 163,000 during the year. The company reported a net loss of EUR 1.8m for 2025, compared with net income of EUR 3.9m in 2024. At year-end, Codere Online held EUR 50m in cash and reported no financial debt.

• Looking ahead, the company expects Codere Online net gaming revenue to reach between EUR 235m and EUR 245m in 2026. Adjusted EBITDA is forecast at EUR 15m to EUR 20m. During the year, Codere Online also renewed its online gaming licence in Colombia for a further five years, extending it to November 2030.

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